International Review of Economics & Finance最新文献_第6页

Digital transformation, dynamic capabilities, and aggressive corporate strategy 数字化转型、动态能力和积极的企业战略

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-08 DOI: 10.1016/j.iref.2025.104603

Jie Zhou, Min Kuang

引用次数: 0

Is rural pension insurance the effective way to reduce rural relative poverty 农村养老保险是减少农村相对贫困的有效途径吗

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-08 DOI: 10.1016/j.iref.2025.104601

Yan Zhou , Yang Li

{"title":"Is rural pension insurance the effective way to reduce rural relative poverty","authors":"Yan Zhou , Yang Li","doi":"10.1016/j.iref.2025.104601","DOIUrl":"10.1016/j.iref.2025.104601","url":null,"abstract":"<div><div>Drawing on data from the China Health and Retirement Longitudinal Study (CHARLS), this study develops a multidimensional relative poverty indicator and uses the difference-in-differences approach to empirically analyze the impact of rural pension insurance services on the relative poverty of the rural older adult population. The results revels that rural pension insurance services significantly reduce multidimensional relative poverty among rural older adults, a conclusion that remains robust across multiple tests. The poverty alleviation effect of rural pension insurance demonstrates both group and regional variations: it is most pronounced for individuals aged 60–80, those with spouses, and residents of central and eastern regions. These services primarily contribute to poverty reduction by increasing consumption among older adults and enhancing their confidence in the future. Based on these insights, this study recommends expanding the coverage of rural pension insurance services, increasing benefit levels, and leveraging the redistributive effects of such programs to advance the common prosperity of rural populations.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104601"},"PeriodicalIF":5.6,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048085","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Business process digitalization and efficiency of corporate working capital management 业务流程数字化与企业营运资金管理效率

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-08 DOI: 10.1016/j.iref.2025.104606

Disheng Wang , Han Nie

引用次数: 0

The resilience revolution: Will new securities laws Be corporate China's pressure test? 弹性革命：新证券法会成为中国企业的压力测试吗？

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-06 DOI: 10.1016/j.iref.2025.104589

Zheng Cheng, Zhiwei Pan

{"title":"The resilience revolution: Will new securities laws Be corporate China's pressure test?","authors":"Zheng Cheng, Zhiwei Pan","doi":"10.1016/j.iref.2025.104589","DOIUrl":"10.1016/j.iref.2025.104589","url":null,"abstract":"<div><div>In a era of increasing global economic instability—driven by pandemics, geopolitical conflicts, and market disruptions—enhancing company operational resilience has become essential for firm survival and economic stability. This paper examines the 2020 amended Securities Law in China, a significant reform that emphasizes transparency, investor protection, and market discipline. The research demonstrates that the law substantially enhances operational resilience through a difference-in-differences (DID) model, supported by robustness tests, mechanism analysis, and heterogeneity assessments. Essential routes encompass enhanced internal governance, characterized by more rigorous disclosures and accountability, as well as increased total factor productivity (TFP) through efficient capital allocation and a managerial emphasis on productivity. The law's effect is particularly significant for enterprises facing substantial financial limitations and those operating in competitive sectors, where regulatory improvements mitigate financing barriers and promote investments in resilience. This research advances institutional economics by linking capital market regulation to operational resilience, demonstrating how regulatory frameworks impact dynamic business capabilities. It emphasizes that effectively conceived regulatory reforms can serve as significant drivers of corporate resilience, providing practical guidance for policymakers and management seeking to promote sustainable and adaptive business practices during challenging periods.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104589"},"PeriodicalIF":5.6,"publicationDate":"2025-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Climate policy uncertainty and corporate supply chain stability 气候政策的不确定性与企业供应链的稳定性

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-06 DOI: 10.1016/j.iref.2025.104581

Haibo Sun , Di Cao , Zhonglu Liu

引用次数: 0

From "demographic dividend" to "digital Dividend": An exploration of the path of industrial structure upgrading in the context of aging 从“人口红利”到“数字红利”：老龄化背景下产业结构升级路径探索

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-04 DOI: 10.1016/j.iref.2025.104595

Yanyan Li, Xinyu Dong

{"title":"From \"demographic dividend\" to \"digital Dividend\": An exploration of the path of industrial structure upgrading in the context of aging","authors":"Yanyan Li, Xinyu Dong","doi":"10.1016/j.iref.2025.104595","DOIUrl":"10.1016/j.iref.2025.104595","url":null,"abstract":"<div><div>This study investigates the transition from \"demographic dividend\" to \"digital dividend\" in driving industrial structural upgrading under population aging. Based on balanced panel data from 30 Chinese provinces (2012–2022), a two-way fixed effects model reveals how population aging reshapes industrial dynamics through service-oriented restructuring, while digital transformation emerges as a critical pathway to sustain upgrading momentum. Grouped regression analysis based on digital development levels demonstrates significant interval variations in the effect of aging-driven industrial upgrading across different digital maturity stages. Spatial Durbin model further uncovers dual-path spillovers: aging facilitates positive demonstration effects across neighboring regions, yet digital advancement exhibits a \"siphon effect\" in economically linked areas, diverting resources from peripheral zones. The empirical results show that: After controlling for regional heterogeneity, the increase in the proportion of the elderly population has a statistically significant positive impact on the restructuring of service-oriented industries; The interaction coefficient between digital transformation and population aging presents nonlinear characteristics, and their synergistic effect is only significant when the digital index exceeds a critical threshold; The spatial effect decomposition indicates that population aging has a positive demonstration effect on the industrial transformation of neighboring regions, while digital development will produce a \"siphon effect\" in areas with high economic connections, thereby inhibiting the upgrading process of surrounding regions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104595"},"PeriodicalIF":5.6,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048081","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Analyzing and visualizing knowledge structures of insider trading: A bibliometric and topic analysis 内幕交易知识结构的分析与可视化：文献计量与主题分析

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-03 DOI: 10.1016/j.iref.2025.104593

H. Kent Baker , Jing Duo , Shantanu Dutta , Chen Li

引用次数: 0

Transportation infrastructure development and trade credit financing: Evidence from China 交通基础设施发展与贸易信贷融资：来自中国的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-30 DOI: 10.1016/j.iref.2025.104530

Weijie Luo , Xiaoming Zhang

{"title":"Transportation infrastructure development and trade credit financing: Evidence from China","authors":"Weijie Luo , Xiaoming Zhang","doi":"10.1016/j.iref.2025.104530","DOIUrl":"10.1016/j.iref.2025.104530","url":null,"abstract":"<div><div>This paper relies on the launch of high speed railway services in China to examine the role that transportation infrastructure development plays in shaping firm trade credit financing. Utilizing a listed firm-level panel dataset over 2003–2020 in a difference-in-differences framework, we find that the capacity of listed firm trade credit financing improves after the launch of a high speed rail route to the city where the firm is located. This relationship holds under extensive sensitivity analysis, including when the instrumental variable estimation is utilized. Our results reveal the heterogeneous effects of high speed railway on firm trade credit financing ascribed to firm characteristics, such as firm size, financial condition, and reputation, and city characteristics, such as economic development. Moreover, this paper indicates that the connection to the high speed railway network generates a realignment of supplier-client relationship and attracts the attention by investigation reports and analysts, leading to an improvement in firm trade credit financing capacity. Our study sheds some light on transportation infrastructure development is beneficial to the improvement of market order in developing countries through the transmission of information.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104530"},"PeriodicalIF":5.6,"publicationDate":"2025-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107388","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The geographic distance of underwriter and bond financing costs: Evidence from China 承销商的地理距离与债券融资成本：来自中国的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-29 DOI: 10.1016/j.iref.2025.104569

Xiaojie Qu , Huaping Sun

{"title":"The geographic distance of underwriter and bond financing costs: Evidence from China","authors":"Xiaojie Qu , Huaping Sun","doi":"10.1016/j.iref.2025.104569","DOIUrl":"10.1016/j.iref.2025.104569","url":null,"abstract":"<div><div>Geographic distance between underwriters and bond issuers, an objective constraint on companies' access to underwriters in corporate bond financing, influences capital liquidity. Using Chinese credit bonds issued between 2010 and 2022, this paper examines the mechanism through which the geographical distance between underwriters and bond issuers affects bond financing costs (BFCs). The findings indicate that greater geographic distance leads to higher financing costs. This conclusion is robust even after endogeneity concerns are addressed and robustness checks are performed. Moderating effect analysis indicates that underwriters' digital transformation, reputation, and regional marketisation level weaken this effect. The heterogeneity analysis further indicates that the distance premium is more pronounced for bonds underwritten by non-local institutions, those with lower credit ratings, and issuers exhibiting subpar ESG performance. This conclusion enriches theoretical research on the impact of geographic distance on financial markets and provides targeted policy implications for participants and regulators in China's bond market.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104569"},"PeriodicalIF":5.6,"publicationDate":"2025-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Artificial intelligence applications and corporate ESG performance 人工智能应用与企业ESG绩效

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-29 DOI: 10.1016/j.iref.2025.104559

Yangyan Liu , Jia Song , Bingjun Zhou , Jiangui Liu

{"title":"Artificial intelligence applications and corporate ESG performance","authors":"Yangyan Liu , Jia Song , Bingjun Zhou , Jiangui Liu","doi":"10.1016/j.iref.2025.104559","DOIUrl":"10.1016/j.iref.2025.104559","url":null,"abstract":"<div><div>This study examines how artificial intelligence (AI) adoption impacts corporate environmental, social, and governance (ESG) performance, using panel data from 22,953 Chinese listed firm-year observations spanning 2011–2023. We find that AI adoption significantly improves overall ESG performance by boosting all three individual environmental, social, and governance pillars. However, this positive effect is heterogeneous, proving most pronounced in large firms and those in non-heavily polluting industries, highlighting important boundary conditions. Further mechanism analysis identifies two pivotal channels—green innovation and supply chain efficiency—through which AI enhances ESG outcomes. Additionally, digital transformation positively moderates this relationship, indicating that firms with greater digital maturity benefit more substantially from AI applications. This research integrates the Resource-Based View, stakeholder theory, and dynamic capabilities theory to deepen the theoretical understanding of technology-driven corporate sustainability. Findings provide nuanced guidance for policymakers and corporate leaders seeking to leverage AI technologies effectively to meet sustainability objectives while considering critical firm-level and industry contexts.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104559"},"PeriodicalIF":5.6,"publicationDate":"2025-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0